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Income taxes | 12 Months Ended
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Dec. 31, 2018
Text Block1 [Abstract] |
Income taxes |
22. | Income taxes
The components of the income tax provision include:
|  | 2018 |  |  | 2017 |
Current |  | $ | - |  |  | $ | - |
Deferred |  |  | 489 |  |  |  | 298 |
|  | $ | 489 |  |  | $ | 298 |
The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 26.5% (2017 - 26.5%) to the effective tax rate is as follows:
|  | 2018 |  |  | 2017 |
Income (loss) before income taxes |  | $ | (18,716 | ) |  | $ | 2,789 |
Combined statutory tax rate |  |  | 26.5 | % |  |  | 26.5 | %
Theoretical tax expense (recovery) |  | $ | (4,960 | ) |  | $ | 739 |
Non-deductible expenses: |  |  |  |  |  |  |  |
Share-based payments |  |  | 1,123 |  |  |  | 494 |
Meals and entertainment |  |  | 18 |  |  |  | - |
Non-taxable income: |  |  |  |  |  |  |  |
Non-taxable portion of capital gains |  |  | (83 | ) |  |  | (762 | )
Effect of provincial tax rate difference |  |  | (4 | ) |  |  | 5 |
Changes in unrecognized deferred tax assets |  |  | 4,395 |  |  |  | (178 | )
Income tax expense |  | $ | 489 |  |  | $ | 298 |
The components of deferred tax are summarized below. Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset.
|  | 2018 |  |  | 2017 |
Deferred tax assets |  |  |  |  |  |  |  |
Non-capital losses carried forward |  | $ | 5,175 |  |  | $ | 5,690 |
Financing fees |  |  | 315 |  |  |  | 31 |
Scientific research and experimental development |  |  | 55 |  |  |  | 28 |
Finance lease obligation |  |  | 42 |  |  |  | - |
Provisions |  |  | 49 |  |  |  | - |
Deferred tax liabilities |  |  |  |  |  |  |  |
Biological assets |  |  | (1,676 | ) |  |  | (986 | )
Inventory |  |  | (1,639 | ) |  |  | (1,989 | )
Investments in equity accounted investees |  |  | (41 | ) |  |  | (153 | )
Other investments |  |  | (36 | ) |  |  | (91 | )
Property, plant and equipment |  |  | (1,285 | ) |  |  | (968 | )
Intangible assets |  |  | (2,809 | ) |  |  | (2,978 | )
Net deferred tax liability |  | $ | (1,850 | ) |  | $ | (1,416 | )
22. | Income taxes (continued)
The changes in the net deferred tax liability are provided below:
|  | 2018 |  |  | 2017 |
Balance - beginning of year |  | $ | 1,416 |  |  | $ | 1,457 |
Recognized in income |  |  | 489 |  |  |  | 298 |
Recognized in other comprehensive income |  |  | (55 | ) |  |  | (339 | )
Balance - end of year |  | $ | 1,850 |  |  | $ | 1,416 |
Deferred taxes are a result of temporary differences that arise due to the differences between the income tax values and the carrying amount of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences because it is not probable that future taxable profit will be available against which the Company can utilize the benefits therefrom:
|  | 2018 |  |  | 2017 |
Property, plant and equipment |  | $ | 1,090 |  |  | $ | 684 |
Share and debt issuance costs (i) |  |  | 9,488 |  |  |  | 2,834 |
Losses carried forward (ii) |  |  | 25,663 |  |  |  | 7,814 |
Equity accounted investments |  |  | 923 |  |  |  | - |
(i) | Share and debt issuance costs will be fully amortized in 2023. The remaining deductible temporary differences may be carried forward indefinitely.
(ii) | For income tax purposes, the Company has non-capital losses carried forward from current and prior years which can be used to reduce future years' taxable income. These losses expire as follows:
|  | Non-capital losses |
2030 |  | $ | 32 |
2031 |  |  | 22 |
2032 |  |  | 341 |
2033 |  |  | 2,547 |
2034 |  |  | 1,782 |
2035 |  |  | 5,452 |
2036 |  |  | 4,623 |
2037 |  |  | 4,502 |
2038 |  |  | 26,145 |
|  | $ | 45,446 |

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